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Data

Fintech company Moneytree is urging the ACCC and Treasury to “reconsider” the draft rules around consumer data right data disclosures to intermediaries to prevent “unintended” consequences.

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The payments giant has entered into an agreement to acquire financial data provider Finicity for US$825 million ($1.2 billion), to bolster its open banking platform.

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The competition watchdog is consulting on draft rules that enable authorised third parties with “unrestricted” access to collect Consumer Data Right information on behalf of other accredited persons.

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The ACCC has travelled one step further towards rolling out open banking in July, having debuted a platform allowing banks and fintechs to become accredited data recipients.

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The non-major lender has partnered with a cloud-based software solutions provider to offer brokers a loan origination platform.

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